Queen's Rd tower sale to group completed

THE sale of Nine Queen's Road Central for $3.8 billion was completed yesterday, with the Sino-Hongkong consortium Innsbuck making the final payment of $1.9 billion to Hongkong Land.

The notice issued last night by Hongkong Macau (Holdings), which said it owned 20 per cent of Innsbuck, showed that Innsbuck had sold the last of its 31 office floors, and was left holding 83,092 square feet of retail space in the podium.

Innsbuck has exercised its option to delay the final payment to Hongkong Land by three months.

The original date for completion was April, but Innsbuck had previously negotiated a clause which allowed payment to be made late if interest was paid on the sum outstanding at one per cent above prime rate.

The size of this interest payment has not been disclosed but it is estimated at $35 million.

Innsbuck bought the building and sold it off floor by floor. Hongkong Macau said that all subpurchasers also completed their transactions yesterday.


The high prices that the office floors fetched have helped fire property prices elsewhere in the territory. Hongkong Macau said yesterday that the 31 floors had been sold for a total price of $3.49 billion.

Hongkong Macau is among these subpurchasers.

having bought four floors on 21 September last year for $418 million and sold them on June 3 this year for $480 million, a 13 per cent rise in eight months.

The company said this transaction also was completed yesterday.